Kovack Advisors Inc. Has $2.90 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Kovack Advisors Inc. lessened its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,635 shares of the oil and natural gas company’s stock after selling 353 shares during the period. Kovack Advisors Inc.’s holdings in Diamondback Energy were worth $2,900,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Norden Group LLC acquired a new position in shares of Diamondback Energy during the 1st quarter valued at $3,095,000. Valley National Advisers Inc. lifted its position in shares of Diamondback Energy by 25.0% during the 1st quarter. Valley National Advisers Inc. now owns 721 shares of the oil and natural gas company’s stock valued at $142,000 after buying an additional 144 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Diamondback Energy by 0.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 429,164 shares of the oil and natural gas company’s stock worth $85,047,000 after acquiring an additional 3,582 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in shares of Diamondback Energy by 2.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 327,792 shares of the oil and natural gas company’s stock worth $64,959,000 after purchasing an additional 6,828 shares in the last quarter. Finally, Park Place Capital Corp bought a new stake in Diamondback Energy during the 1st quarter valued at $236,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG traded up $2.03 during trading on Thursday, reaching $206.93. The stock had a trading volume of 741,138 shares, compared to its average volume of 1,316,407. Diamondback Energy, Inc. has a 1-year low of $125.73 and a 1-year high of $211.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The business has a fifty day moving average price of $196.80 and a 200-day moving average price of $182.45. The stock has a market cap of $36.90 billion, a PE ratio of 11.66, a PEG ratio of 1.11 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $4.10 EPS. On average, equities analysts forecast that Diamondback Energy, Inc. will post 19.06 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were given a dividend of $0.90 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 annualized dividend and a dividend yield of 1.74%. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Activity

In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the transaction, the vice president now directly owns 7,585 shares of the company’s stock, valued at approximately $1,516,241.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the sale, the vice president now owns 7,585 shares of the company’s stock, valued at approximately $1,516,241.50. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Truist Financial boosted their price target on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Scotiabank upped their target price on Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Barclays began coverage on Diamondback Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $214.00 price target for the company. Royal Bank of Canada upped their price objective on shares of Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Finally, Stifel Nicolaus lifted their target price on shares of Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $209.35.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.